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American Investor Offers to Inject USD 42 Million into Genesis Energy Spain Unit

Genesis Energy, a Hungarian company that is building solar panel plants in Hungary, Spain and Singapore, on February 19, 2008, said it had received a letter of intent from an American investor on injecting USD 42 million into its unit in Spain.

The transaction, which the board of directors is examining, would involve the transfer of ownership of the entire unit, while Genesis would get shares in an American company. The cash injection would allow the unit to accept a EUR 20 million state grant and restart work on the solar panel plant in Spain, Genesis Energy said.